SiriusXM is reducing its workforce by eight percent, or 475 jobs, according to reports.
The satellite radio company said it was also pulling back in spending on content and marketing in order to avoid more layoffs. The cutbacks come as SiriusXM expects to lose subscribers that are bracing for recession, wrote The New York Post Monday.
In February, SiriusXM issued guidance saying “..we anticipate modestly negative self-pay net adds for the year as economic and demand uncertainty persists, auto sales remain soft, and we reduce marketing ahead of our planned launch of a new streaming experience later this year,” in the words of Chief Financial Officer Sean Sullivan.
SiriusXM had 5,869 employees as of December 31, 2022.
The satellite radio company joins many corporations that have announced layoffs in recent months including Amazon, Microsoft, Google, Facebook (Meta), Spotify, Dell, IBM, PayPal, Yahoo, and Zoom.
For more see The New York Post, The Wall Street Journal
Aren’t most of there employees overseas anyways?